The Backstory

For my first Tomasaurus Rex Blog book review, I chose one with a very personal connection. It is one of my favorite business/life stories. Over the course of my long association with Arthur Dubin back in the Dubin & Associates days, he shared a number of anecdotes about a man he knew in his youth. As near as I could make out, this big-hearted fellow named Jerry had been a big deal at some point. From Arthur’s stories, I gathered Jerry had owned the Philadelphia Eagles. I learned he regularly treated kids to Eagles and Baltimore Bullets games. I knew he had lost his fortune but was not clear exactly how. But the real story was the man behind all that. The Jerry that Arthur described was a kind and generous man who has treated more people to restaurant meals than anyone in history. A famous practical joker, he also had a great sense of humor.

What I did not know when we joined Zalco Realty in June of 2000 was that Jerry Wolman was a real estate phenomenon in the late 50’s and 60’s, that he had embarked on building the tallest skyscraper in the U.S. and that his empire collapsed as a result of issues related to that project. I did not know that Zalco Realty’s owner and chairman had been associated with Jerry and that Zalco’s beginning was in some way connected to the remains of Jerry’s real estate holdings. I also did not know that Jerry kept an office at Zalco.

So we Dubin employees moved into Zalco’s Silver Spring office as part of the merger arrangement. My next door office neighbor was this extremely friendly older fellow named Jerry. As we chatted amiably about life and business, I noticed that the guy especially lit up when talking about two things – his family and sports. He exuded kindness and generosity of spirit, one of those people for whom you sense you would be happy to do anything for. I got the feeling I could learn a lot from this guy. One day I told Jerry I’d love to better understand the art of the real estate deals and pick his brain. I explained how I would love to get off the financial hamster wheel one day but that I was limited by a lack of capital. Jerry told me, “Aw Tommy, you don’t need money to make money. You just need balls!” So old school.

Then one day our discussion turned again to sports. He casually mentioned he once owned the Eagles, but it was a long time ago when I wouldn’t have known any of the players. Jerry had not yet grasped that I am a bit of a sports history nut. After reeling off the names of half a dozen or so players, his eyes flashed as he broke into that big Jerry smile and he exclaimed, “You know!!” After a few months of being next door to the guy, the light bulb finally turned on. I walked into Arthur’s office and asked, “That guy Jerry I’ve been talking to for the last 6 months – that’s The Jerry?” Arthur, incredulous, replied, “You didn’t know that?”

Fully enlightened, I thoroughly enjoyed my time with Jerry until he moved out of Silver Spring and into an office at the Ellicott City spring water bottling business he was working on at the time. We caught up every so often. It was always a delight. Jerry was the kind of person you want to be like when you grew up, in part because in some laudable ways he never grew up. He was the guy you wanted to introduce to all the special people in your life. I was grateful my wife got to meet the man I had talked about so much before she passed. As I learned more about his history and did a little research on the Philadelphia Flyers and the John Hancock Center, I was amazed at his irrepressibly positive attitude. The fact that he never expressed any bitterness whatsoever towards those who appeared to have done everything from serving him poorly to being outright disloyal showed me the meaning of grace.

The Summary

I knew Jerry was a class act, but my appreciation grew considerably after reading the book. He never claimed to be a perfect man, just a regular guy from Shenandoah (“Shendo”) PA. The book chronicles his life from boyhood to his chance arrival in Washington, DC. He kept his eyes open, thought creatively, and found opportunity, eventually presiding over a $100 million (roughly $750M in 2018 dollars) real estate development and management empire. His business practices were old school, to say the least. Deals were sealed with handshakes. Your word was your bond. Eventually, he lived his dream and bought the Philadelphia Eagles. Soon after, his holdings included the Spectrum arena and the fledgling Philadelphia Flyers. Then it all came apart. Construction faults in his most ambitious construction project and his resolve to remain personally responsible for the business required him to liquidate his assets, including his beloved Eagles. Along the way and well after the financial fall, Jerry touched countless lives with his kindness and generosity. In the end, many of those to whom he gave grew in material wealth. Some owed their fortunes to him. But with the love Jerry shared and got back from friends and family, he remained the richest of them all.

The Gold

Jerry’s story is a touching and, in the final analysis, uplifting story of what a person can accomplish. It also teaches how to recognize the failures of the past and admit errors while staying focused on the present. Success and riches of real value transcend cash, power and toys. It’s about family, and dreams, and effort, and people, and giving, and love. I don’t know anyone who has given as much away as Jerry did without ever keeping score. Naturally, proceeds from the book went to a charity close to Jerry’s heart.

We lost Jerry in 2013. I wish you could have met him. I miss him, but his impact on my life remains. I’ll tell Jerry stories as long as I live. Soon, very few will remember the man. The book is already hard to get. Don’t miss out.  Amazon still has a few copies.